HomeMy WebLinkAbout430 S COLLEGE AVE - CORRESPONDENCE - 1/28/2005 (19)"EXHIBIT A"
LEASE AGREEMENT
THIS LEASE AGREEMENT is made and entered into this 15th day of
February, 1994, by and between THE CITY OF FORT COLLINS, COLORADO,
a municipal corporation (hereinafter referred to as "the City") and
THE STATE BOARD OF AGRICULTURE for the use and benefit of COLORADO
STATE UNIVERSITY (hereinafter referred to as "CSU").
W I T N E'S 8 E T H:
WHEREAS, the City is the owner of that certain parcel of real
estate, together with the improvements located thereon, situated in
the County of Larimer, State of Colorado, which is described on
attached Exhibit "A," incorporated herein by this reference and
which property shall hereinafter be referred to as "the Property";
and
WHEREAS, CSU desires to lease the Property from the City on
the terms and condit}}'ons provided herein, and the City desires to
lease the Property tci CSU.
NOW, THEREFORE, in consideration of the mutual covenants,
promises and agreements herein contained, as well as other good and
valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties covenant, promise and agree as
follows:
1. Lease of Property. The City hereby leases, demises and
lets unto CSU, and CSU hereby hires and takes from the City the
Property.
2. Term of Lease. The term of this Lease shall be from the
15th day of February, 1994, and continuing until 12:00 midnight on
the 14th day of February, 2004. This Lease shall be automatically
renewed for three (3) successive five (5) year periods following
the initial ten (10) year term, unless CSU gives notice to the City
of its intent not to avail itself of any such automatic five (5)
year renewal by giving written notice to the City of such intent
not less than two (2) years prior to the expiration of the term
then in effect (the initial term or the then in effect five (5]
year renewal term). The term of this Lease may be sooner
terminated only by operation of law or as otherwise provided
herein.
3. Termination. This Lease may be terminated by either
party at any time by and upon giving the other party not less than
two (2) years advance written notice of such termination. This
right of termination shall be in addition to any other right of
termination provided in this Lease or at law.
"EXHIBIT A"